ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Adi Sarana Armada (ASSA IJ) - A Circular Route to Success

Adi Sarana Armada (ASSA IJ) - Indonesia's Leading Logistics and Mobility Ecosystem

Adi Sarana Armada (ASSA IJ) - Leading Player in People and Goods Mobility

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> is an integrated people and mobility player, with exposure to car leasing, used car sales, and vehicle auction, with an increasingly integrated end-to-end logistics business. </li>
<li>Core growth is being driven by logistics business Cargo Share, making up more than half of revenues and profits, but the auto-related businesses are gaining share in used cars. </li>
<li>ASSA remains optimistic about 2026, with guidance for +5%-10% growth in revenues and double-digit profit growth, with at least a 40% dividend payout. Valuations are attractive with solid dividend support.</li>
</ul>



Adi Sarana Armada (ASSA IJ) is an integrated people and mobility player, with exposure to car leasing, used car sales, and vehicle auction, with an increasingly integrated end-to-end logistics business. 
Core growth is being driven by logistics business Cargo Share, making up more than half of revenues and profits, but the auto-related businesses are gaining share in used cars. 
ASSA remains optimistic about 2026, with guidance for +5%-10% growth in revenues and double-digit profit growth, with at least a 40% dividend payout. Valuations are attractive with solid dividend support.


Adi Sarana Armada (ASSA IJ)- Upwardly Mobile